Commonwealth Consolidated Acts

FIRST HOME SAVER ACCOUNTS ACT 2008 - SECT 17

             (1)  An FHSA home acquisition payment satisfies the FHSA payment conditions if:

                     (a)  no later than 6 months after the payment is made, the person who holds or held the FHSA uses an amount equal to the payment in acquiring a qualifying interest in a dwelling in Australia or Norfolk Island; and

                     (b)  the dwelling is the person's main residence for a continuous period that:

                              (i)  is at least 6 months long; and

                             (ii)  starts within the period mentioned in subsection (2); and

                     (c)  if the construction of the dwelling is not complete when the payment is made--that construction is complete within a reasonable period after the payment is made.

             (2)  The period:

                     (a)  starts:

                              (i)  if the construction of the dwelling is not complete when the payment is made--when the construction of the dwelling is complete; or

                             (ii)  otherwise--when the person acquires the qualifying interest in the dwelling; and

                     (b)  ends 12 months after the period starts, or at a later time that the Commissioner considers reasonable in the circumstances.

             (3)  An FHSA home acquisition payment also satisfies the FHSA payment conditions if:

                     (a)  the person who holds or held the FHSA fails to satisfy the conditions in subsection (1); and

                     (b)  that failure is reasonable in the circumstances; and

                     (c)  if it is reasonable to require the person to do so, the person has, as soon as is practicable, contributed to an FHSA held by the person an amount equal to the payment or a lesser amount that is reasonable in the circumstances.

             (4)  For the purposes of paragraph (3)(b), in determining whether a failure is reasonable, have regard to:

                     (a)  whether the failure to satisfy the conditions in subsection (1) was beyond the person's control; and

                     (b)  whether that failure was reasonably foreseeable by the person; and

                     (c)  whether any previous FHSA home acquisition payment in respect of the person has failed to satisfy the conditions in subsection (1); and

                     (d)  any other relevant matter.